In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1. 2. Expected sales: June $482,000; July $575,000 Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following month's cost of goods sold The beginning inventory at June 1 will be the desired amount 3. 4. Calculate the budgeted merchandise purchases for June. HY Budgeted merchandise purchases $ $ 382425 Question 3 of 3 -/19 Question Part Score Prepare the budgeted income statement for June through gross profit on sales. BIG JIM STORES Budgeted Income Statement For the Month Ending June 30, 2020 Sales 482000 Cost of Goods Sold -/19 Cost of Goods Sold Assistance Used e Textbook and Media